Bentley Systems, Incorporated (BSY)

Industry: Software - Application Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
ESTC	58	Elastic N.V.	1,609	-	-	261.69	261.69	-	-
0268.HK	59	Kingdee Internatio	1,556	-	-	-	-	-	-
600845.SS	60	Shanghai Baosight	1,553	46.09	44.86	36.66	35.50	43.27	41.42
SRAD	61	Sportradar Group A	1,544	75.53	75.53	12.91	12.91	36.57	51.40
LTG.L	62	Learning Technolog	1,508	9.02	9.02	3.58	1.35	4.79	1.50
BILL	63	Bill.com Holdings,	1,500	452.73	452.73	50.96	50.96	-	-
WTC.AX	64	WiseTech Global Li	1,493	63.08	31.18	35.61	18.15	42.27	21.55
BSY	65	Bentley Systems, I	1,460	60.18	50.39	40.74	34.49	51.26	41.77
9911.HK	66	Newborn Town Inc.	1,449	8.90	8.90	5.47	5.47	4.92	6.22
BKI	67	Black Knight, Inc.	1,409	111.28	134.50	26.68	26.42	-	112.85
WBTN	68	WEBTOON Entertainm	1,405	-	-	-	-	-	-
0QOA.L	69	Temenos AG	1,362	16.69	14.66	9.28	8.64	15.10	18.22
ENV	70	Envestnet, Inc.	1,337	-	-	-	-	131.62	-
3896.HK	71	Kingsoft Cloud Hol	1,280	-	-	22.51	22.51	-	-
600588.SS	72	Yonyou Network Tec	1,277	-	-	-	-	-	-
PCOR	73	Procore Technologi	1,275	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	31.39	22.92	22.51	18.15	15.10	18.22
Full Range Median Multiple	54.59	38.02	24.60	20.33	36.57	21.55
Industry Multiple	97.92	96.42	46.54	44.36	39.79	36.17
Market Implied Multiple	45.75	38.31	31.60	26.76	39.77	32.40
Company (BSY) Multiple	60.18	50.39	40.74	34.49	51.26	41.77
(*) Net Income / EBITDA / Revenue	269	322	425	502	338	415
Winsorized Enterprise Value	N/A	N/A	9,575	9,114	5,103	7,556
Full Range Median Enterprise Value	N/A	N/A	10,460	10,211	12,360	8,940
(-) Net Debt	1,118	1,118	1,118	1,118	1,118	1,118
Winsorized Equity Value	8,455	7,372	8,457	7,996	3,985	6,438
Full Range Median Equity Value	14,701	12,228	9,343	9,093	11,242	7,822
(/) Shares Outstanding	315	315	315	315	315	315
Winsorized Fair Value	$26.86	$23.42	$26.86	$25.40	$12.66	$20.45
Full Range Median Fair Value	$46.69	$38.84	$29.68	$28.88	$35.71	$24.84
Current Price	$39.14	$39.14	$39.14	$39.14	$39.14	$39.14
Upside / Downside	-31.39%	-40.17%	-31.37%	-35.11%	-67.66%	-47.75%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$18.80	$16.39	$18.80	$17.78	$8.86	$14.32
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy